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Personal Loans

  • 02-03-2010 4:02pm
    #1
    50euro
    Closed Accounts Posts: 19 ✭


    Just a quick question that i need some advice on.

    I have a personal loan and a car loan with my bank. I was let go in my job in september of last year(main job) but still have a part-time job. I have had no problem keeping up with payments on the loans until now. I used the money i got from redundancy to pay off the credit card and have been managing ok so far.

    Slight problem has arised, my car needs some significant work done which will cost me a couple of grand to fix. I don't have any savings and do need the car for work. The value of the car at this stage is lower than the car loan.

    The problem is that the money that i earn that would normally be used to pay the loans will have to be paid to fix the car. It looks like three months of repayments will be missed through this.

    Before this becomes a bigger issue i want to talk to the bank to inform them that there may be a problem with repayment and to try and sort something out.

    I wanted to go to the bank with some options on how to sort it instead of walking in with cap in hand. Is it possible to get a deferment on these types of loans for a few months? Is there an option to just pay interest for a few months? Is there any other options that i can present to them?

    Like mentioned, with the way things are for me at the minute expenses like this for me is a strain. Both these loans are due to end around the middle of next year.

    Any thoughts?


Comments

  • #2
    partyguinness
    Registered Users, Registered Users 2 Posts: 8,203 ✭✭✭partyguinness


    When I was put down to 3 day week last April, I contacted the bank about the possibility of a 3 month break just so I could used to the new situation.

    They wouldnt have it but they offered reduced monthly payments for 3 months but of course would be put on at the end to make it up.

    As it turned out I decided just to keep paying back the same amount as the loan is up in Oct 2010 and I just want it gone.


  • #3
    jor el
    Closed Accounts Posts: 16,713 ✭✭✭✭jor el


    One thing you could suggest, other than a break, would be to merge the two loans into one, maybe extend the period a little so it reduces your payments. You could also consider adding a little to the loan to pay for the repairs.

    Since you do still have a job, and are making payments, you're not a huge risk, and they should be open to some options. The bank may be able to offer more ideas too. All they'll really want is to get their money back, in an agreed time frame.

    The size of the loans, and the period remaining, may be an issue since you're now only part time employed.


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